NetApp WCA - Symmetrical Triangle

Company: NetApp Inc.
Ticker: NTAP
Exchange: NASDAQ
Sector: Technology

Introduction:

Welcome to today's technical analysis. Our focus is on NetApp Inc. (NTAP), a major player in the Technology sector, listed on the NASDAQ. The weekly chart is currently exhibiting a Symmetrical Triangle pattern, suggesting a possible bottom reversal.

Symmetrical Triangle Pattern:

A Symmetrical Triangle pattern, typically seen during periods of consolidation, can signal a potential reversal or continuation of the current trend. It's characterized by a series of lower highs and higher lows, implying that the market is indecisive.

Analysis:

Previously, NetApp was in a clear downward trend. However, we've noticed a symmetrical triangle pattern in the consolidation phase, which seems to act as a bottom reversal. This triangle has three touch points on both the lower and upper diagonal boundaries.

In a bullish turn of events, the price has broken above the 200 EMA with a weekly candle, which reinforces the significance of the breakout. Consequently, this setup might present an immediate long entry opportunity.

The price target, should the breakout hold, is set at $90, indicating a potential upside of approximately 34% from the level of the breakout.

Conclusion:

NetApp's weekly chart reveals an intriguing setup in the form of a symmetrical triangle breakout, suggesting a potential bottom reversal. This setup could present a profitable long trading opportunity.

As always, this analysis should be used as a part of your overall market research and risk management strategy, and not as direct trading advice.

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Best regards,

Karim Subhieh